Bolivia says it's nationalizing electrical grid [View all]
Source: Associated Press
May 1, 2:25 PM EDT
Bolivia says it's nationalizing electrical grid
By CARLOS VALDEZ
Associated Press
LA PAZ, Bolivia (AP) -- Bolivia's President Evo Morales announced Tuesday that his government is completing nationalization of the country's electricity industry by taking over the bulk of its electrical grid from a Spanish-owned company.
Morales also took advantage of the symbolism of May Day, the international day of the worker, to order troops to take control of installations of the company, a subsidiary of Red Electrica Corporacion S.A.
"We are nationalizing the Transportadora de Electricidad in the name of the Bolivian people as a fitting homage to the workers who fought for the recovery of our natural resources and basic services," Morales said during a ceremony at the presidential palace.
"We invested $220 million in generation and others profited. For that reason, brothers and sisters, we have decided to nationalize electricity transmission," he said.
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